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Calgary Spends $ 43 Million To Help Local Businesses – Calgary

Calgary businesses will get help with their property tax bills, but in a more targeted manner.

On Monday morning, Calgary City Council passed a motion limiting the income tax increase for non-residential buildings to 10 percent, which cost the city an estimated $ 13 million.

This is the fifth year in a row that the city has offered a Phased Tax (PTP) program, and the same Council of Measures agreed on it during budgetary deliberations in November 2020.

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Ward also has 6 Couns. Jeff Davison proposed creating a $ 30 million fund for Calgary-based companies whose business has declined during the coronavirus pandemic.

“We know that about 56 percent of those who would receive a PTP benefit are publicly traded companies, private equity firms that have been backed and benefited from the pandemic,” Davison said.

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“One of the things we have to do is figure out how we can better support the local people.”

Details on how companies can use these funds are still preliminary. The council directs the administration to work with the corporate advisory board under the COFLEX program to develop this process by March 22nd.

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Davison said the upcoming program is for businesses across the city.

“We didn’t want to look if it was the developed land sector, we didn’t just want to look at the city center,” he said. “Where can this money help to support the local population across the board?”

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Mayor Naheed Nenshi said the council was considering a similar program back in 2018, saying they could “dust it off” instead of starting over.

“When we’re ready to take this money out of the bank and spend it on business, let’s do that,” he said.

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2:34Calgary businesses have been frustrated with the ongoing COVID-19 restrictions

Calgary businesses have been frustrated with the ongoing COVID-19 restrictions

Annie Dormuth of the Canadian Federation of Independent Businesses said the PTP and the local corporate fund are “definitely good news,” but more work is needed.

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“It’s really not about the fundamental issues surrounding the injustice of property taxes in Calgary,” said Dormuth.

Dormuth said even a 10 percent increase in property taxes will hit businesses in the 17th Avenue Retail & Entertainment District hard.

“Remember, 17 Avenue is filled with some of the hardest hit businesses specifically thinking of the hospitality industry along that one street,” Dormuth told Global News.

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0:59Some relaxation of COVID-19 restrictions could come before Step 3: Alberta Minister of Health

Some relaxation of COVID-19 restrictions could come before Step 3: Alberta Minister of Health

“Because of this, I think we need to look for creative solutions to see the $ 30 million earmarked for COVID relief, and especially the hardest-hit industries in Calgary, to make additional relief for them receive.”

The CFIB is part of the city’s corporate advisory board and will help develop criteria for the COVID-19 relief fund.

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Dormuth said the Business Advocacy Group also plans to target the property tax problem that local authorities are facing.

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“I know local governments are in a little bit of trouble with local tax rates and property tax rates because they are set by the province.”

The Calgary Chamber of Commerce welcomed the council’s decision and called for “fairness and sustainability in our property tax system”.

“The city’s current financial health requires thoughtful and creative solutions to reduce costs and generate revenue without taxing the companies and the citizens who employ and service them,” said interim CEO Murray Sigler in a statement.

“Today’s action is pointing us in the right direction, but many Calgary businesses will still see property tax increases over the next year due to structural problems within the tax system and the shift in taxation from downtown high-rise buildings to businesses outside of downtown Kerns. “

–With files from Adam MacVicar, Global News

© 2021 Global News, a division of Corus Entertainment Inc.

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